Preheat your oven to 375°F (190°C).
In a large skillet, cook the ground beef or turkey over medium heat until browned. Drain excess fat.
Add taco seasoning and water to the meat. Simmer for 5-7 minutes, stirring occasionally, until the sauce thickens.
Spread the meat mixture in the bottom of a greased 9x13-inch baking dish.
Layer frozen tater tots evenly over the meat.
Top with shredded cheddar and Monterey Jack cheese.
Bake for 25-30 minutes, or until the tater tots are golden brown and the cheese is melted and bubbly.
Let the casserole cool for 5 minutes before serving.